Matthew Hughes

Partner

Overview

Financial institutions and hedge funds looking for advice on their complex cross-border investments rely on Matthew Hughes to structure investments in a way that mitigates risk while maximizing return. He represents investment funds, investment banks, and other financial institutions as well as boutique trading houses on the investment in and trading of syndicated loans, claims, and other high-yield investment products.

Matthew also counsels buy-side clients on regulatory and tax concerns when investing in loans and claims and on the resolution of trade disputes arising from loan and claims trading documentation.

He has deep experience in the secondary market for European and U.S. loans, insolvency claims, and other distressed assets, and has represented multiple collateralized loan obligation managers in providing efficient loan review and settlement advice. Matthew has over 20 years’ experience in transactions involving par and distressed bank debt in the European and U.S. secondary loan markets. He serves on the Loan Market Association secondary documentation committee which continually reviews and updates the market standard documentation for par and distressed debt transactions and other issues affecting the European loan market.

Matthew Hughes is a partner in the London office of Crowell & Moring. He regularly advises investment banks and other financial institutions including hedge funds on the investment in and trading of syndicated loans, claims, and other high-yield investment products. Matthew is routinely involved with cross-border transactions throughout Europe and the United States.

He also advises U.S. and European secondary market participants in relation to loans made to Australian, French, English, German, Greek, Irish, Italian, Scandinavian, Spanish, or Swiss borrowers. He also counsels U.S. and European secondary market participants in relation to Islamic finance structures.

Matthew counsels buy-side clients on the regulatory and tax concerns when investing in loans and claims and on the resolution of trade disputes arising from loan/claims trading documentation.

He serves on the LMA secondary documentation committee, which continually reviews and updates the market standard documentation for par and distressed debt transactions and other issues affecting the European loan market.

Prior to joining the firm, he was a partner with Kibbe & Orbe LLP.

Career & Education

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    • Newcastle University, LL.B., 1997
    • College of Law, Chester, P.D.L.P., 1998
    • Newcastle University, LL.B., 1997
    • College of Law, Chester, P.D.L.P., 1998
    • Solicitor, England and Wales
    • Solicitor, England and Wales
  • Professional Activities and Memberships

    • Secondary Documentation Committee, Loan Market Association (LMA)

    Professional Activities and Memberships

    • Secondary Documentation Committee, Loan Market Association (LMA)

Matthew's Insights

Client Alert | 11 min read | 07.22.24

Transformations in Transferability: Challenges in the European Loan Market Amid Increasing Restrictions

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market....

Representative Matters

  • Represented hedge funds in connection with purchase of distressed loans collateralized by aircraft and associated claims.
  • Represented creditors and the secondary market for trading claims of Lehman Brothers, including Lehman Brothers International (Europe) and Lehman Brothers Bankhaus A.G.
  • Represented creditors of the insolvent Icelandic banks, including Glitnir Bank hf., Kaupthing Bank hf., and Landsbanki hf.
  • Represented creditors and the secondary market for trading claims in MF Global, including the development of market standard trading documentation.
  • Advised a major investment bank on the development and creation of its bespoke LMA trading documentation, including collateral documentation and guarantees.
  • Conducted review and analysis of credit documentation for major investment banks and CLO clients.
  • Represented large hedge funds in connection with structured financing transactions collateralized by illiquid financial assets including distressed loans, bonds, and equity.

Matthew's Insights

Client Alert | 11 min read | 07.22.24

Transformations in Transferability: Challenges in the European Loan Market Amid Increasing Restrictions

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market....

Matthew's Insights

Client Alert | 11 min read | 07.22.24

Transformations in Transferability: Challenges in the European Loan Market Amid Increasing Restrictions

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market....